Markets end in red on reform worries

Mumbai: Markets ended in red during the week on reform worries following disruption of Parliament because of a political tussle between the National Democratic Alliance (NDA) government and the Congress party.

The Lok Sabha failed to transact any business during the first week of the monsoon session as the opposition demanded resignation of External Affairs Minister Sushma Swaraj and chief ministers of Rajasthan and Madhya Pradesh.

The BSE Sensex dropped 351 points or 1.23 per cent to settle at 28,112.31. The CNX Nifty declined by 88.30 points or 1.03 per cent to settle at 8,521.55.

From the 30-share Sensex pack, 20 stocks fell and the rest rose.

Shares of healthcare, realty, capital goods, metal, banking and power sectors tumbled on heavy selling while IT and tech sectors firmed up on good corporate results of companies amidst fall in rupee against the dollar.

Shares of IT major Infosys jumped 8.72 per cent . The stock was the biggest gainer among the Sensex pack. The company raised its full year revenue growth guidance in dollar terms at the time of announcing Q1 June 2015 results on 21 July.

Lupin tumbled 15.32 per cent, biggest loser among the BSE Sensex. Lupin’s consolidated net profit fell 16 per cent to Rs 525 crores on 6.4 per cent decline in Net sales to Rs 3,074.30 crores in Q1 June 2015 over Q1 June 2014.

However, Sun Pharmaceutical Industries slid 11.69 per cent as the company said that its various consolidation initiatives globally due to the acquisition of Ranbaxy Laboratories are likely to adversely impact the company’s revenue and profits for the current fiscal.